CV Advisors LLC Makes New $214,000 Investment in Rigetti Computing, Inc. (NASDAQ:RGTI)

CV Advisors LLC acquired a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 14,000 shares of the company’s stock, valued at approximately $214,000.

A number of other institutional investors have also recently bought and sold shares of the business. Penserra Capital Management LLC boosted its position in Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after acquiring an additional 407,389 shares during the period. Geode Capital Management LLC boosted its position in Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after acquiring an additional 617,506 shares during the period. State Street Corp boosted its position in Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Rigetti Computing by 15.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,329,590 shares of the company’s stock worth $20,290,000 after acquiring an additional 179,656 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Rigetti Computing by 27.4% during the 4th quarter. Bank of New York Mellon Corp now owns 446,692 shares of the company’s stock worth $6,817,000 after acquiring an additional 96,099 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Rigetti Computing Stock Up 28.2 %

Shares of RGTI stock opened at $11.22 on Friday. The stock’s 50 day simple moving average is $11.11 and its 200 day simple moving average is $6.16. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. Rigetti Computing, Inc. has a twelve month low of $0.66 and a twelve month high of $21.42. The company has a market capitalization of $2.16 billion, a price-to-earnings ratio of -29.53 and a beta of 1.37.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The business had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. During the same period last year, the business earned ($0.04) EPS. As a group, research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Wall Street Analysts Forecast Growth

RGTI has been the subject of a number of research reports. Benchmark restated a “buy” rating and set a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Craig Hallum started coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Needham & Company LLC reiterated a “buy” rating and set a $17.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, B. Riley lifted their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a report on Friday, February 14th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $14.50.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the transaction, the chief technology officer now directly owns 1,094,738 shares of the company’s stock, valued at $8,495,166.88. The trade was a 24.32 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.81% of the stock is owned by company insiders.

Rigetti Computing Company Profile

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.